ALA - Cup & Handle with solid volume

Been watching this for a while trying to time the perfect entry.
I have strong conviction this could be the reversal.

Context: Long-term downtrend (From IPO $8 to $1 in 2010, followed by a slow grind to 30c in 2014, and a slower grind down to 10c in 2015!)
It based around 10c with barely any volume showing signs of disagreement in price (my guess is nobody wanted to sell to the bids at this price), before making the most bullish move and formation in it's history.

Chart: Cup & Handle formation, with plenty of volume in the breakout, and plenty of volume in the handle.
Handle shows bearish weakness as it moves down a channel.

Trigger: Buying in a downward channel is tricky as it is essentially a short-term downtrend, and you may have caught just another swing which will continue the trend down lower later on.
I wait for changes in the technicals and behaviour before entering and this is what I see in ALA:
-Weakness in the current swing down.
-Opening gap from the first break out candle closed, a good level for support.
-Strong volume absorption taking place the last 2 consecutive days (A first since the break out happened!)

Shorts: No open short positions (Link), none of my brokers allow shorting the stock, just a check to ease future selling pressure.

GLTA